News Corporation
(ASX:NWS) has released its first quarter results for the fiscal year.
The company reported its revenue fell by around 2% to $1.97 billion, compared with the same period last year. In the first quarter of the previous fiscal year, News Corp’s revenue was $2.01 billion, and the decrease was reportedly due to the negative impact from “currency fluctuations”.
As for revenue from news and information services, that fell by 5% to $68 million this quarter (when compared with the previous corresponding period). Revenue in this segment was also affected by weakness in the print advertising market, a 4% drop in subscription revenue, and the $5 million acquisition of British media company, the Wireless Group.
News Corp posted a net profit of $336.7 million at 30 June 2016.
